In a statement, Galaxy said Palo Alto, Calif.-based BitGo failed to deliver audited financial statements “that comply with the requirements of our agreement” before its deadline of July 31. (The Logic)
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In a statement, Galaxy said Palo Alto, Calif.-based BitGo failed to deliver audited financial statements “that comply with the requirements of our agreement” before its deadline of July 31. (The Logic)
Talking point: Galaxy, a New York-based investment firm whose shares trade on the Toronto Stock Exchange, agreed to buy the crypto custodian in May. On Monday, BitGo called Galaxy’s decision to scrap the deal “improper” and said it intends to take legal action against the company. A lawyer for BitGo told Bloomberg the deal was not set to expire until Dec. 31 and that Galaxy had promised the company a US$100-million reverse break fee. Last week, Galaxy Digital reported a US$554.7 million loss in its most recent quarter amid a huge decline in crypto prices. Its shares closed up nearly three per cent Monday.
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